Something out of the way

In the normal course of events (even those related to summer placements) at IIMK, I would not have written such a post but the occasion is a little out of the way and deserves more than just the mere thought and a silent word or two. I have never really been able to appreciate the secrecy associated with the placements activities on campus (any campus, not just IIM Kozhikode) and have been one of the most ardent (though not as much vocal) critic of the entire exclusivity associated with the placement process. So when I get mails from the placements committee (directed to the entire batch, of course) that I should not put on a yahoo status message, or a blog post about placements till the official report is out, I say "what the heck! Who was going to put status messages and blog posts on the freaking placements anyways". But I was wrong and gladly enough, they (the placements committee, that is) proved me wrong!

Not that I don't understand the reason for restricting such a move or that I don't know that shouting one's mouth off even before something has been achieved has never been a good idea and in the extremely competitive arena of B-school placements, where students try every trick in the book to be one up on the others, it doesn't make any sense at all. However, all that holding fort, I am still compelled to write this post...not because I am allowed to do so now or because as a student of IIMK, it is my duty to do so now but because this is something I want to write about. This is because I am really happy about the professionalism showed by the people involved and the efficacy of the result generated.

All right, so there has been something seen by the campus this season that has never happened earlier. A batch of 160 people placed for summer internships in hardly five days is as amazing a news item that anyone associated with an Indian B-school would have ever heard of. What makes the entire thing more special, however, is the fact that it is always easy to place the first 50% of the class in perhaps even one day but what takes the toll is to put through the last person. I can say that because I know how difficult it had been for some people last year in so many campuses (including the very best in the country).

To know that IIMK has placed even the last guy/girl within such a short span is an awesome feeling even though I know that it might be an overkill to say that I am extremely proud of what IIMK has achieved and therefore, saying that it is only IIMK that has such talent would certainly be a blasphemy. I know that the economy is booming and that this year, the top 50% of the batch at any B-school worth its salt would be placed on the first day itself. I also know, at the same time, that not many of them would have had people in the placements committee devoted so much and working so hard to ensure that the last guy is placed for summers in the first five days of the process having started. Even if it is just for that, I am proud of the achievement (even though I may be guilty of using a cliche here).

To read the mails of juniors congratulating and thanking the placecom and the senior batch for the help and the seniors, in turn, congratulating them for the great batch they have been in achieving such laurels, is, for lack of a better word, heartening. What this brings forward in a more subtle manner, however, is the way in which the placements committee and the placements process at IIMK has contributed to the family feeling back in campus. I know that a lot of people might rubbish this idea as sentimental tomfoolery, but then they are welcome to their own opinions and have not been invited anyways (not by me, at least) to read this blog and tear their hair out in frustration (if at all, they don't have anything better to do).

Oh by the by, if you want to know more about what happened at IIMK's Summer Placements 2006, just click here.

When days became 0, 1 and 2

As I don my ties and formals for yet another presentation by yet another company on campus, I can't help but wonder at the awesome work that the placements committee have done to make all this possible. Three odd days...30 odd companies...80 odd people getting placed...and the list goes on...not to mention the quality of companies on campus. Whether it be an Aditya Birla or a GE Corporate Finance...an Ernst n Young or a PWC...an ITC or an Asian Paints...a UTI Bank or an ICICI...the recruiters have been here on God's own campus, wooing their potential employees like they have never been wooed before. The game has been big and so have been the stakes for which it has been played. Competition with people you stay with 24 hours of the day, people you dine n wine with...euphoria...frustration...hope...cynicism...shock...expectation... haplessness...happiness...sorrow...tears...smiles...so many things that have been hallmark of the days gone by.

It all started with what is popularly known in B-School parlance as Day 0 when the companies at stake were the biggies...the ones where B-schoolers dream to be after completing their MBAs...the ones that offer the best projects to the people they consider to be the best fit for their organisations. The larger the number and stature of companies, the larger the logisitics problems for the placement committee members. The tension was palpable, what with companies asking for them to be slotted earlier than the others, asking for things like hot chocolate as if they have come for a picnic to some resort (agreed that the institute does look like a resort but still...). On top of all this was the problem of plenty that some students might face. With diverse and amazing profiles aplenty, there were bound to be multiple offers on Day 0  and it was the responsibility of PlaceCom yet again to make sure that no seat goes waste and that IIMK benefits wholely, and not just a particular person.

On a personal front, I was one of the luckier few. Having been shortlisted for a good chunk of the biggies, I was slated to appear in the Group Discussions for ITC, Asian Paints, Aditya Birla Group (Marketing), and Perfetti. Above this, I was also fortunate enough to be shortlisted for the telephonic interview to be conducted by PriceWaterhouseCoopers, the dream company for any MBA across the world. The first in line was the telephonic interview by PWC and I guess that the person on the other end seemed to be pretty impressed by my academic record. Let me see if I can recount the experience:

Hello...Good Afternoon, this is Nitai here

Good Afternoon Nitai, so how has your day been?

Pretty good, Sir...thank you

Ok Nitai, we have your brief profile with us but not your entire CV. Could you just take us through your academics? How did you select me then???

Certainly Sir. I did my schooling from Patna. I passed my high school examinations from there in 1996 with an aggregate percentage of 87.4

Did you say 87.4? Hard of hearing, too...what is PWC coming to?

Yes Sir...I then moved on to Delhi to do my +2 from Delhi Public School, RK Puram. I passed in 1998 with 88.4%. I qualified for IIT-JEE thereafter and joined Institute of Technology, BHU where I did my B.Tech in Ceramic Engineering. I passed in 2002 with a CGPA of 8.67 out of 10.

You seem to have a good academic record Nitai.

Thank you Sir I thought that I was needed to say something more but what???

What was the rank that you got in your graduation?

I stood 4th out of 29 students. Who knows what the truth is...I could have said I was first and what more, could have got away with it

Ok Nitai, tell us what you expect out of your summer project...I mean, what is the kind of work that you want to do?

Sir, I am looking at a position where I can act as a bridge between the client and the organisation, say for any IT Company. I would like to be able to offer complete business solutions to the company. I do manage to lie through my teeth, don't I?

You necessarily mean a consulting project. What if we are able to offer you a project with an IT flavor?

That would be absolutely fine with me as I already have an experience of IT solutions in Infosys. and I don't want to go back to it...please

Nitai, you have had a good academic record...why not continue as an engineer? Why did you decide to do your management? What a stupid question

As I joined Infosys, I realised that as an engineer, the role that I could play was very limited and that I could not really be a part of the decision making process...even if I were to become a part of the process, I wouldn't be prepared enough. What a stupid answer

What specialisations do you intend to take up at IIM?

Sir, I plan to take up Marketing and Finance. Here goes my foot in my mouth

Marketing...hmm...so why don't you go for a marketing project for your summers?

Sir, I have already seen Systems as a part of my experience and in order to give complete business solutions to my company, I need to have a fair idea about the other two important functions of business and that is why I chose my electives to be marketing and finance. The other foot, too

That makes all the more sense for you to go for a marketing project...since you already have systems exposure, get some marketing exposure too...so that you will be more complete.

I accept your point Sir but I wish to test my preparedness for the company when I come out of my MBA, during the summer project. Therefore, it will make sense for me to do the same thing that I used to do but with a different approach. What bull****

Hmm...Nitai, tell us what you know about PWC

PWC is one of the leaders in Consultancy arena in the world and believes in offering complete business solutions to its clients, including financial and IT systems solutions. I see a person-company fit here as this is exactly what I had in mind for my own career. Person-company fit in deed!!!

Nitai, do you mind if we do not offer you travel reimbursements?

No Sir, I don't. I do a lot, actually but can not tell that to you, can I?

Out of Bangalore, Delhi, Calcutta and Chennai, which one would you prefer as the location for your summer project?

I don't have anything against any center but I would prefer Calcutta as it is the closest to my home. and because it is your headquarters where in all probability, you will have some projects.

Thank you for talking to us, Nitai. It was nice talking to you.

Same here, Sir. The pleasure was mine. At least, it is nice not having to talk to you any more

So this was what one of the biggest consulting companies on Planet Earth asked me during my first ever telephonic interview for a job (I have had interviews on the telephone for research positions in foreign universities but that is another story...perhaps later). As I was just getting prepared to sit through the pre-placement talk of Asian Paints, news arrived that I had been selected for the second round of interviews for PWC, which will take place at 6:30 in the evening. I was in dual minds at the time, not sure if I was taking a good decision by falling for the brand, knowing fully well that the kind of work I want to do will not be offered by PWC. But what the hell, I could as well have ended at a Wipro or a TCS and a PWC was anyday better that both these combined.

So it was with the knowledge that six people out of a total of 21 were through for the second round for PWC, that I had to participate in the group discussions for the other companies. The first in line was Aditya Birla Group where we were given a case study on distribution channel problems. The case talked about how exclusive dealership for a particular high margin product led to conflict amongst the other dealers who now threatened to go to the competitor if they were not given a share of the pie. A good case and some good points raised, too. Debojyoti was at his notorious best, demeaning the points of all others with his monologues comprising of some solid Kotler terminology (I have still not got over from his co-capitation, co-participation and co-something-or-the-other :-)). Nikhil and I were shortlisted from the group of 10 while from the other group, Kashyap and Kunal were shortlisted, making a total of 4 applicants for Marketing position in Aditya Birla group.

Before the final interview at Birla, the GDs of other companies were due. And thus, I went for the GD of Asian Paints which was probably the best regulated, the most decent, the least fierce group discussion that I have ever been a part of. Everybody spoke and spoke at length on the topic There are no good or bad soldiers, there are only good or bad Generals. No body spoke unless the other had finished the point and it was really constructive, the way we thrashed out the topic amongst ourselves. That I was not finally shortlisted from the group did disappoint me as I thought that I had done quite well in the GD but then...

Next in line was the second round of the PWC interview for which I was already late. I had to run to the placement office and had hardly caught my breath when I had to speak to the people on the other side. This time around, they were even more cordial than before and talked stuff about confirming my academic record, and asking me about the grades that I received in the two subjects at IIMK, results for which have been declared (luckily for me, I had As in both of them). There was also some talk about whether I will be okay with down-to-earth projects on the lines of those that I may have already done in Infosys. After my saying (unwillingly) that I was fine with that, too, it seemed that they had made up their mind. They even asked me about what will happen if they give me an offer right then. I said that I was not really sure of the poilicy in that case and that they might have to talk to the PlaceCom about it. There were some just-for-laughs (at least that is what I thought) questions about what will I do if I receive offers from both PWC and Asian Paints. I answered by saying that this was a hypothetical question and that I did not have an answer to it at the moment. They were pretty happy with that (thank God!) and that was the end of the second phase.

By the end of it, I was almost sure that I had made it to their final list but I wanted to explore the marketing projects before I gave a final answer to PWC (in case they did make an offer). So I went back to the ITC GD with a new enthusiasm and yet with a laid back attitude, a kind of security over powering my intentions to fight it out further. The ITC GD was a little different, too (come to think of it, there were so many different GDs that I attended this day that I actually lost sight of any common strategy that I could have adopted). There was a case of a plane crash where the eight of us had landed in the tropical rain forests of Mizoram with about 15 things that we could use to help ourselves. We had to initially rank these items in order of our own individual preferences and then discuss the order in the group to arrive at the consensus for order of preference for the team of survivors. Debojyoti was with me yet again in this GD (he was not there in the Asian Paints GD and as I have already mentioned, that was the only peaceful GD that I had in the entire day :-)). As expected, we were not able to reach at any consensus about the order of preference and as expected, not even a single person from our group was shortlisted for the interview process.

The Perfetti GD was the last and I was bushed by the time I went in for it. With a group of 12, it was anyway going to be a crowd and with Debojyoti in yet again, I was almost prepared to lose out on any hopes. There were other big shots in the group, too including Qaynat, Neeta, Pavan and others who all had the potential to wreck a guy's chance in any GD by simply stealing the show. Though I had guessed the nature of the GD pretty correctly, I was in for a surprise as far as the perpetrators of that nature were concerned. There were two gangs in the GD with each talking in its own language and I was actually reduced to try and act as a bridge between the two (even that, as the result of the GD indicated, I was not able to do properly). The topic Marketing is more of a science than an art was pretty good and enticed some verbose participation from one and all. When I was asked to express my opinion, I thought that I had done a good job but as Abhijeet later pointed out, perhaps it all sounded like a lot of shit to others. One key learning from the GD: There were others far ahead of Debojyoti as far as making a mess of GDs are concerned...Nimish, Abhijeet, to name a few.

At the end of it all, when all I needed to hit a sack was a sack :-), Neel and Ron told me that I had made it to the final list for PWC and that if I did want to take it up, I should not waste any seat in other companies. Also, since PWC had not declared any wait list, I would be wasting one seat if I forego that for any other company. After saying all this, they said that there was absolutely no pressure on me :-). Actually, I did appreciate their coming and telling me the way things stood and as it turned out, they actually encouraged me to give the Birla interview process my best shot if I wanted to go for that.

Despite what these people said and wished me, I could not really take off in my interview with the Aditya Birla group. I was tired, I knew that I already had been placed and I was not sure if I wanted to try for Aditya Birla at all. In all this confusion, I made a mess of the interview, saying things like the total branded apparel industry in India is worth only 200 crores (when it actually is 200 thousand crores). I did some other major goof ups and as I came out of the room, I knew where I was headed...I knew, above all, that I will not have to make any difficult decisions (like Yash and Nikhil had to with their two offers from both Aditya Birla and GE).

It has been only two days since that evening even though it seems that a lifetime has passed attending presentations, celebrating successes, ruing missed chances, consoling and encouraging people, running around looking for people, talking to the HR people, pushing more and more resumes...

With another 50-55 odd people out of a batch of 134 yet to be placed, and with about another 30 odd companies to make their appearance in the coming days, the picture is certainly looking rosy, if not very clear. There has been some very hard work done by the Placement Committee that is being rewarded and any amount of praise for their dedication would be small. Thank you guys, for working so hard for all of us. I hope and wish and pray that you get what you want in terms of placement yourself (whether it is the lateral or final placement for seniors or the summers for juniors). I am sure that the entire batch will be behind you guys (with certain exceptions like Kiran, of course) in trying to get for IIMK and its students, what they rightfully deserve.

A theory of valuation

Having sat through the jokes of Dr. Panda in the first term and having actually enjoyed his classes (and of course, the jokes) for the most part, I had been more or less swayed towards Marketing as a specialisation. Coming into Term 2, and having heard so much of Prof. Uday Damodaran, I was prepared for another assault on my sensibilities in the form of something which I had absolutely no idea about. I mean...come on, marketing is more of common sense and related, in a lot of ways, to what I had been doing at college and work for the past six-odd years (festivals, talking to clients, and so much more). However, finance has been one fish I had never laid the line for.

As I write all this today, I am still under the effect of today's class, which to me, has been a revelation, both in terms of the content in absolute financial jargon as well as in a more philosophical way which I will talk about in a little while. As far as the basics of corporate finance go, my eyes have been opened (even literally :-) unlike Ravi, who was dozing off right in the next seat)...to ratios, like they were never opened in the accounting classes...to criteria for evaluating the financial health of companies, which never came across while doing the analysis of ITC for the marketing project. I just hope that this goes on for another little while and I don't have much to do in terms of thinking while making a choice for my electives...a Mark and Fin MBA...hmm...sounds good, what say?

As for the philosophy in today's class, as UD would say, with the relativity of things in Finance, most of the things are decided more on the basis of philosophy and intuition rather than plain science and logic. Perhaps so...however, that is not what I want to mention right now. It is more about an example that UD gave in today's class about why it is important to have a theory for valuation. He said that almost all of us are able to associate certain values to things, events, and people but as long as we do not really know the guidelines, the process, and the theory involved in making that valuation, we will never be able to succeed. He gave the example of how all of us gave up something or the other to come to IIMK...existing jobs...probable jobs...other security...so much more. It may be true that at some point, we may find that the decision we took in coming to IIMK was actually wrong (some people like Karfa rue leaving their jobs and coming to IIMK) but the real regret will not be felt at that realisation. The real regret will be caused due to the realisation that when we made the decision of coming here, we did not have a theory to value IIMK...no way to find a clue about why we are doing what we are doing.

I am not really sure if I did all this analysis before coming to IIMK, at least I did not do this on pen and paper, not in so many words. However, I did have certain things in mind, based on which I decided to leave Infy and come to IIM Kozhikode. Perhaps it makes sense (even now, after a term is over!!!) to just list them down so that if, at a later stage, God forbid, I regret my decision to come to IIM Kozhikode, at least I will know why I had taken that decision in the first place. So here goes, my reasons for coming to IIM Kozhikode and what I wish to achieve from this place:

I wanted to acquire an asset that will differentiate me from others 10 years down the line when I am competing for a position in a firm. I believed that because of its brand, IIMK will help me do that.

I wanted to get access to a network that is going to help me leverage my contacts when I need them the most...in getting a contract...an appointment...a favor. I believed that IIMK will make me a part of the IIM group, an elite gang of go-getters.

I wanted a job that is more than the mundane, a job that gives me more return, both in terms of the challenge as well as the compensation, as compared to what I could expect to get from Infosys in another two years and perhaps even later. I believed that IIMK had the reputation in recruiters' minds to give me that kind of a job and perhaps even more.

I wanted to do things that I had not been able to do during my college and professional life because of lack of knowledge...opportunity...reason. I wanted to be able to pursue things that are closer to my heart and not get bogged down by technical mumbo-jumbo but actually get down to brass tacks and work in the field. I believed that with the resources of IIMK, both material and human (especially the senior batch, alumni and faculty), I shall be able to achieve this.

This actually turns out to be quite a big list of expectations if one looks at it cynically. However, as far as philosophy goes, I can still hold my water, or at least that is what I hope. As UD says, I still have to see whether my decision turns out to be right or wrong vis-a-vis my valuation of IIMK on the above criteria...I just hope and pray that IIMK damn well sticks to what I had thought of it :-)

 

Oh No!!!....IT's here

Talking too much about the placement process on this blog will be sacrilege and I will definitely be held up for letting out the secrets :-)

This notwithstanding, it is common knowledge across institutes of management in this country that the summer placement process has already started or is about to start in various institutes. Common knowledge also includes the fact that the process generally followed in such placements is shortlisting of candidates and then the final selection, based on any combination of selection procedures (that might include interviews, group discussions, etc). What is not common knowledge, however, is that I do not want to do my summers in an IT company, not after having already tested the waters for two years in Infosys.

Agreed that Infosys is a great company and that there is a lot of opportunity in IT companies to just sit back, relax, do your little bit and get your big chunk...agreed that there will be quite a few eyebrows raised when I say that I do not want such a life, at least not for the next five years...perhaps later...agreed that my experience and profile suit best to a summers and final placement in one of the IT companies...but if at all I had wanted to do that, I could very well have continued to work in Infosys and never come to an IIM. The very reason for coming here was to learn something new and what is the use of learning that something new if I can not apply it?

Before coming to this place, I was not sure whether I will take up Marketing, Finance, or any other specialisation but I was sure of one thing...that I will not take up systems...even if that means getting less of a start when I pass out of IIMK. However, I do admit that I chickened out when the summers process started and we were supposed to show our interest for the different companies. With common sense telling me that my resume is not good enough to be shortlisted for Fin and Mark companies, I did apply to other companies which included...yes, you got that right...IT companies.

The best part of the whole thing is that inspite of all my hopes against hope, as the shortlists for the various companies start coming up, I realise that I am being shortlisted by the IT companies and though we are still waiting for the shortlists from the hard core Fin and Mark companies, somehow I feel that with the summers, I have already lost the first lap of the race against doing the same boring job all over again.

But then again, perhaps I am not looking at the other side at all. When I discount any IT company for my summers and final placement, what I don't realize is that even an IT company has to run, has to manage its finances, market itself...what I don't realize is that even in an IT company, pr perhaps more so in an IT company because of its ever increasing size and importance, there is a lot of scope for challenging work which I am actually seeking. I might not anticipate and yet be placed for summers in an IT company that gives me a finance or marketing project that may be better than the project that some one might handle in a core finance or marketing company. So, as is said, tomorrow is still uncertain and anything can happen...so here's being prepared for the worst and hoping for the best...